Michigan Compiled Laws
Act 240 of 1943 - State Employees' Retirement Act (38.1 - 38.69)
Section 38.9 - State Treasurer as Custodian of Retirement System Funds; Powers and Duties.

Sec. 9.
(1) All bonds or other obligations purchased according to section 8 shall be placed in the hands of the state treasurer, who is hereby designated as custodian of the bonds or other obligations, and it shall be his or her duty to collect the principal and the interest on the bonds or other obligations as they become due and payable, and deposit the principal and interest when collected into the retirement system's funds provided for bonds or other obligations. The administrative board may sell any of the bonds or other obligations upon like resolution, and the proceeds of the bonds or other obligations shall be paid by the purchaser to the state treasurer upon delivery to him or her of those bonds or other obligations by the state treasurer.
(2) The state treasurer shall be the custodian of all other funds of the retirement system and all disbursements shall be paid by the state treasurer upon vouchers authorized by the retirement board and bearing the signature of the authorized officer of the retirement board. The state treasurer shall give a separate and additional bond in an amount as may be established by the retirement board in the sum of not to exceed $100,000.00 which bond shall be approved by the attorney general and shall be conditioned for the faithful performance of his or her duties as custodian of the funds of the retirement system. The cost of the bond shall be paid out of the expense fund of the retirement board. The bond shall be deposited with the secretary of state and kept in his or her office.
(3) The state treasurer is hereby authorized and directed to deposit any portion of the funds of the retirement system not needed for immediate use in the same manner and subject to all the provisions of law with respect to the deposit of state funds by the state treasurer, and all interest earned on retirement system's funds as may be deposited by the state treasurer under this act shall be collected by him or her and placed to the credit of the retirement fund.
History: 1943, Act 240, Eff. July 30, 1943 ;-- Am. 1944, 1st Ex. Sess., Act 25, Imd. Eff. Feb. 29, 1944 ;-- CL 1948, 38.9 ;-- Am. 2002, Act 372, Imd. Eff. May 24, 2002

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 38 - Civil Service and Retirement

Act 240 of 1943 - State Employees' Retirement Act (38.1 - 38.69)

Section 38.1 - Short Title; Meanings of Words and Phrases.

Section 38.1a - Definitions; A, B.

Section 38.1b - Definitions; B, C.

Section 38.1c - Definitions; D.

Section 38.1d - Definitions.

Section 38.1e - Definitions; F to I.

Section 38.1f - Definitions; M to O.

Section 38.1g - Definitions; P.

Section 38.1h - Definitions; R.

Section 38.1i - Definitions; S, T.

Section 38.2 - State Employees' Retirement System; Creation; Administration by Retirement Board; Rules.

Section 38.3 - Retirement Board; Appointment and Terms of Members.

Section 38.4 - Retirement Board; Vacancies, Vacation of Office.

Section 38.5 - Retirement Board; Oath; Quorum; Conducting Business at Public Meeting; Notice of Meeting; Compensation and Expenses.

Section 38.6 - Retirement Board; Officers and Employees.

Section 38.7 - Retirement System; Actuarial Valuation of Assets and Liabilities; Investigation of Mortality, Service, and Compensation of Members.

Section 38.8 - Administrative Board; Investment of Funds, Purchase of Life Insurance or Annuity, Deposits.

Section 38.9 - State Treasurer as Custodian of Retirement System Funds; Powers and Duties.

Section 38.10 - Retirement Board Members and Employees; Interest in Investments Prohibited.

Section 38.11 - Employees' Savings Fund, Employer's Accumulation Fund, Annuity Reserve Fund, Pension Reserve Fund, Income Fund, Expense Fund, and Health Insurance Reserve Fund; Creation; Health Advance Funding Subaccount; Description of Funds as Refe...

Section 38.12 - Annual Statement of Retirement Funds in Custody of State Treasurer; Availability of Report and Other Writings to Public; Request for Statement of Credit.

Section 38.13 - Membership in Retirement System.

Section 38.13a - Blind or Partially Sighted Licensed Vending Stand Operators Deemed Employees; Rights and Benefits; Eligibility; Contribution as Condition to Service Credit; Blindness Not Deemed Retirable Disability; Employer Cost.

Section 38.13b - Credited Service to Include Credit for Service Rendered to Joint Federal-State Commission; Conditions.

Section 38.14 - Information Required of Members by Retirement Board.

Section 38.15 - Original Members; Prior Service Certification.

Section 38.16 - Cessation of Membership; Reemployment.

Section 38.17 - Service Credited From State Board of Control for Vocational Education; Conditions.

Section 38.17a - Use of Credited Service Acquired in Employ of Governmental Unit; “Governmental Unit of the State” Defined.

Section 38.17b - Credited Service to Include Service Rendered Certain Universities.

Section 38.17c - Retirement System Service Credit for Period of Service Under County Department of Social Services; Conditions.

Section 38.17d - Credited Service to Include Service Rendered to Department of State Police or Its Predecessor Agencies, or to Court of Record; Conditions.

Section 38.17e, 38.17f - Repealed. 1998, Act 205, Eff. Aug. 1, 1998.

Section 38.17g - Parental Leave; Purchase of Service Credit.

Section 38.17h - Full-Time Service as Employee With City, County, Township, or Village of This State; Purchase of Service Credit.

Section 38.17i - Full-Time Service With Federal Government or as State Employee With Another State; Purchase of Service Credit.

Section 38.17j - Purchase of Combined Total of More Than 10 Years Prohibited; Purchase of Service Credit in Separate Increments; Future Purchases Not Barred; Refund; Actuarial Cost.

Section 38.17k - Repealed. 1998, Act 205, Eff. Aug. 1, 1998.

Section 38.17l - Purchase of Additional Service Credit by Employee of State Accident Fund, Michigan Biologic Products Institute, or Liquor Control Commission.

Section 38.17m - Purchase of Service Credit; Limitation; Refund.

Section 38.17n - City Employee; Transfer or Purchase of Service Credit.

Section 38.18 - Credit for Military or Federal Service; Credit for Prior Service; Conditions; Computation.

Section 38.19 - Retirement Upon Written Application to Retirement Board; Retirement Without Reduction in Retirement Allowance; Definitions; Layoff Status Because Agency or Inpatient Facility Designated for Closure; Conditions; Certification; Applicat...

Section 38.19a - Retirement Upon Satisfaction of Certain Requirements; Monthly Retirement Allowance Supplement; Benefits, Salary, or Remuneration Precluding Payment Under Subsection (2); Payment of Sick Leave; Payment by Retirement System; Amount Pay...

Section 38.19b - Right to Retire and Receive Retirement Allowance Computed Under MCL 38.20(1); Application Period; Requirements; Payment for Accumulated Sick Leave in 60 Monthly Installments.

Section 38.19c - Right to Retire and Receive Retirement Allowance Computed Under MCL 38.20(1); Application Period; Requirements; Payment for Accumulated Sick Leave in 60 Monthly Installments.

Section 38.19d - Right to Retire and Receive Retirement Allowance Computed Under MCL 38.20(1); Application Period; Requirements; Payment for Accumulated Sick Leave in 60 Monthly Installments.

Section 38.19e - Right to Retire and Receive Retirement Allowance Computed Under MCL 38.20(1); Application Period; Requirements; Payment for Amounts Entitled to Receive at Retirement.

Section 38.19f - Retirement and Receipt of Retirement Allowance; Requirements; Accumulated Sick Leave; Request to Extend Effective Date of Retirement; Calculation; State Contract Prohibited.

Section 38.19g - Member Meeting Certain Requirements on or Before November 1, 2002; Computation of Retirement Allowance; Payment of Accumulated Sick Leave or Annual Leave; Extension of Effective Date; Participant in Tier 2.

Section 38.19h - Payments Not Tax Exempt and Subject to Certain Operations of Law.

Section 38.19i - Retirement Allowance; Computation; Accumulated Sick Leave; Purchase of Service Credit; Hiring Under Contract; Limitation.

Section 38.19j - Retirement; Requirements; Accumulated Annual Leave, Sick Leave, and Deferred Leave Hours; Forfeiture; Inclusion in Calculation for Determination of Final Average Compensation; Extension; Request; Retirement Allowance Calculation; "In...

Section 38.20 - Computation of Retirement Allowance; Right to Elect Option; Retirement Before Age 65; Death of Retirant; Separation From Service; Department of Mental Health Employee Termination; Recalculation and Payment of Retirement Allowance; Eli...

Section 38.20a - Minimum Retirement Allowance.

Section 38.20b - Increase in Monthly Retirement Allowance; Payment.

Section 38.20c - Supplement to Retirement Allowance.

Section 38.20d - Hospitalization, Medical, Dental, and Vision Coverage Insurance Premium; Computation and Allocation of Cost Savings; Payment by Retirement Board; “Retirant” Defined.

Section 38.20e - Supplemental Retirement Allowance; Amount; Payment.

Section 38.20f - Supplement to Retirement Allowance Payable on or After September 30, 1976.

Section 38.20g - Determining Rate of Investment Return on Retirement System Assets and Present Value of Retirement Allowances; Calculation and Reduction of Distribution Income; Crediting Distribution Units to Retirant or Retirement Allowance Benefici...

Section 38.20h - Supplemental Payments for Retirants or Retirement Allowance Beneficiaries With Retirement Allowance Effective Date Before October 1, 1986; Future Adjustments.

Section 38.20i - Supplement.

Section 38.20j - Member Not Making Election Under MCL 38.50a; Calculation of Retirement Allowance Beginning April 1, 2012; Items of Compensation; Accumulation of Service Credit; Member Making Election Under MCL 38.50a(1) and Designation Under MCL 38....

Section 38.21 - Duty Disability Retirement.

Section 38.22 - Retirement for Disability at Age 60; Service Retirement Allowance; Crediting 10 Years of Service.

Section 38.23 - Retirement for Disability Before Attaining Age 60; Benefits.

Section 38.24 - Non-Duty Disability Retirement.

Section 38.25 - Retirement for Disability.

Section 38.26 - Repealed. 1955, Act 237, Eff. Oct. 24, 1955.

Section 38.27 - Death Resulting From Personal Injury or Disease Arising Out of and in Course of State Employment; Survivor Benefits.

Section 38.27a - Retirement Allowances Granted Under MCL 38.27; Adjustment.

Section 38.28 - Withdrawal of Member Before Retirement; Refund of Contributions; Restoration on Re-Employment; Court Administrator.

Section 38.29 - Death Before Retirement; Refund of Contributions.

Section 38.30 - Withholding Refund of Contributions.

Section 38.31 - Election of Regular Retirement Allowance or Reduced Retirement Allowance; Payment Options; Designation of Beneficiary; Effect of Beneficiary's Death or Divorce; Request by Nonduty Disability Retirant to Change Elections; Death of Memb...

Section 38.32 - Remarriage of Surviving Spouse.

Section 38.33 - Disability Retirant Under Age 60; Medical Examination Required; Reduction of Retirement Allowance on Account of Gainful Employment.

Section 38.34 - Disability Retirant; Reinstatement to Service, Service Credits Allowable.

Section 38.35 - Contribution of 3% of Employee Compensation to Funding Account; "Funding Account" Defined; Refund of Amounts Contributed Under Subsection (1).

Section 38.35a - Election Under MCL 38.50a; Contribution.

Section 38.36, 38.37 - Repealed. 1974, Act 216, Imd. Eff. July 19, 1974.

Section 38.38 - Annual Level Percent of Payroll Contribution Rate; Determination; Basis; Report; Computation; Amortization of Unfunded Actuarial Accrued Liability; Annual Appropriation to Retirement System; Transfer of Funds; Certification; Differenc...

Section 38.39 - Repealed. 1982, Act 316, Imd. Eff. Oct. 18, 1982.

Section 38.39a - Reserves for Retirement Allowances; Legislative Determination of Funds From Which Appropriations Made.

Section 38.40 - Allowances, Benefits, and Other Rights; Exemption From Taxation; Subject to Tax Beginning January 1, 2012; Subject to Public Employee Retirement Benefit Protection Act.

Section 38.41 - Correction of Errors in Payment of Retirement Allowances.

Section 38.42 - Retirement System Records; Falsification, Penalty.

Section 38.43 - Repealed. 1997, Act 148, Eff. Jan. 30, 1998.

Section 38.44 - Rights, Privileges, and Benefits of Vested Employee.

Section 38.44a - Member Employed by State Judicial Council.

Section 38.45 - Definitions.

Section 38.46 - Retirement or Separation From Employment of Supplemental Member With Supplemental Early Retirement Allowance; Conditions; Determination of Eligibility.

Section 38.47 - Temporary Straight Life Supplemental Early Retirement Allowance; Payment; Computation; Electing Optional Form of Payment.

Section 38.47a - Report.

Section 38.48 - Conservation Officers.

Section 38.49 - Administration of Retirement System as Qualified Pension Plan Under Internal Revenue Code; Requirements and Benefit Limitations; Qualified Military Service.

Section 38.50 - Election to Terminate Participation in Tier 1 and to Participate in Tier 2; Irrevocability; Termination of Employment; Reemployment of Deferred or Former Nonvested Member; Method of Election; Signature of Spouse; Waiver; Election Subj...

Section 38.50a - Election to Continue Receiving Credit for Future Service and Compensation; Designation; Failure to Make Election; Rescission; Reemployment of Former Nonvested Member; "Attainment Date" Defined.

Section 38.51 - Transfer of Lump Sum Amount.

Section 38.52 - Calculation of Accrued Cost Savings for Each Fiscal Year.

Section 38.53 - Meanings of Words and Phrases; Definitions; a to C.

Section 38.54 - Definitions; E to H.

Section 38.55 - Definitions; P to Y.

Section 38.56 - State Treasurer; Powers and Duties.

Section 38.57 - Hearing.

Section 38.58 - Investment of Employer and Employee Contributions and Earnings; Direction by Participant.

Section 38.59 - Payment of Administrative Expenses.

Section 38.60 - Other Public Sector Retirement Benefits Plan; Participation.

Section 38.61 - Election by Elected or Appointed Official.

Section 38.62 - Transfer of Amount; Crediting and Charging Participant Account.

Section 38.63 - Contributions by Employer and Participant.

Section 38.63a - Tier 2 and Tax-Deferred Accounts; Terms and Conditions.

Section 38.64 - Tier 2; Vesting Requirements.

Section 38.65 - Crediting Years of Service Accrued.

Section 38.66 - Refund Beneficiary.

Section 38.67 - Distributions of Accumulated Balance.

Section 38.67a - Duty Disability Retirement Allowance; Supplemental Benefit; Health Insurance Coverage; Exception.

Section 38.68 - Health Insurance Coverage.

Section 38.68a - Appropriation Amount; Purpose; Work Project; Estimated Completion Date.

Section 38.68b - Participant Employed on or After January 1, 2012 or Making Election Under Subsection (5) or (6); Health Insurance Coverage; Contribution to Tax-Deferred Account; Opt-Out; Calculation of Amount Under Subsection (7) and Adjustment Unde...

Section 38.68c - Employment of Retiree Receiving Retirement Allowance; Stopping Retirement Payment; Applicability; "Employed by This State" Defined; Coordination of Benefits Provision; Exceptions to Subsection (1); Definitions.

Section 38.68d - Administration of Changes; Appropriation.

Section 38.68e - Appropriation.

Section 38.69 - Exemptions From Taxation; Subject to Public Employee Retirement Benefit Protection Law; Right of Setoff to Recover Overpayments; Satisfaction of Claims Arising From Embezzlement or Fraud; Correction of Errors in Records and Actions.